Sustainable Economy

I. The Asian Economy Bottoms Out

In the first quarter of 1999, the East Asian economic region witnessed positive gross domestic product (GDP) rates in South Korea, Singapore, and the Philippines, while Hong Kong and Malaysia reduced their negative GDP rates, beating previous economic forecasts.

Looking at the basic economic indicators in the first quarter of 1999, most observers believe that the East Asian economy has bottomed out and is beginning to recover from its darkest hour. At the same time, there has been a gradual increase in the gap between individual economic recovery rates.

South Korea, Singapore, and Taiwan have concentrated on increasing their exports of computer-related hardware, in which they enjoy a competitive advantage. It is also clear that their personal consumption is expanding. Judging from these two conditions, these three countries have positioned themselves for a strong economic recovery. South Korea and Singapore will post strong growth rates, and Ta...